Is there reason to believe that our brains have evolved to make efficient decisions so that the details of the internal process are irrelevant? I develop a model which illustrates a limitation of adaptive processes: improvements tend to come in the form of kludges. A kludge is a marginal adaptation that compensates for, but does not eliminate, fundamental design inefficiencies. When kludges accumulate, the result can be perpetually suboptimal behavior even in a model of evolution in which arbitrarily large innovations occur infinitely, often with probability 1. (JEL D03, D87)
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References listed on IDEAS
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- Arthur J. Robson, 2001. "Why Would Nature Give Individuals Utility Functions?," Journal of Political Economy, University of Chicago Press, vol. 109(4), pages 900-929, August.
- Sandholm, William H. & Pauzner, Ady, 1998. "Evolution, Population Growth, and History Dependence," Games and Economic Behavior, Elsevier, vol. 22(1), pages 84-120, January.
- Swinkels, Jeroen M. & Samuelson, Larry, 2006.
"Information, evolution and utility,"
Econometric Society, vol. 1(1), pages 119-142, March.
- Larry Samuelson & Jeroen Swinkels, 2010. "Information, evolution and utility," Levine's Working Paper Archive 506439000000000472, David K. Levine.
- Anonymous, 2006. "Editorial Information," Journal of Food Distribution Research, Food Distribution Research Society, vol. 37(01), March. Full references (including those not matched with items on IDEAS)
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